Wedbush Says Buy Avanir Pharmaceuticals On Weakness

Wedbush is out with a research report on Avanir Pharmaceuticals

, and it has an Outperform rating and a $13 price target on shares. In a note to clients, Wedbush writes, "On Tuesday after market close, the US Special Committee on Aging issued a press release detailing a hearing to be held regarding NUEDEXTA pricing. Response from AVNR has been requested by June 10, 2011; additional details about the inquiry are at http://aging.senate.gov/hearing_detail.cfm?id=332984& We see no material impact on NUEDEXTA sales given this inquiry and view this as potentially a positive opportunity that will result in greater visibility of the product. Any weakness in AVNR shares caused by this event would be a buying opportunity, in our opinion. The timing of this inquiry is “interesting”, in our opinion, considering the recent run up in the stock and high short interest in the name." Shares of AVNR gained 5 cents yesterday to close at $4.61.